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The Asian Development Bank (ADB) and the World Bank have signed a new groundbreaking Full Mutual Reliance Framework (FMFR) in a move to deepen collaboration on cofinanced public sector projects.
The FMRF – said to be the first of its kind among multilateral development banks (MDBs) – aims to streamline project processing and implementation and deliver faster and more efficient results to borrowing clients.
The partnership between the World Bank and ADB responds to the needs of client countries in the Asia Pacific region that are demanding more rapid, efficient and effective development financing, and more seamless coordination by MDBs; and it also responds to G20 leaders’ call for MDBs to work more effectively as a system.
“The Full Mutual Reliance Framework is a significant step in our collaboration with the World Bank and will deliver lasting benefits to communities and economies across Asia and the Pacific,” ADB president Masatsugu Asakawa said.
“By leveraging our respective strengths, we can enhance efficiency, scale impact, and provide a strong platform for sustainable and inclusive growth.”
World Bank group president Ajay Banga said this partnership between the World Bank and ADB was a testament to the deep trust and abiding confidence between the institutions.
“It reflects a broader shift in development finance – where collaboration, not competition, delivers greater impact,” Mr Banga said in a statement.
“By combining our strengths, we are making it faster, easier, and more cost-effective for countries to access the support they need.
“More than just an agreement, this is a model for how development banks can work together to drive better outcomes for the people we serve.”
A joint WB-ADB statement said the framework would initially apply to selected public sector projects during a four-year initial phase starting this year to refine operational approaches and assess outcomes.
It said that building on earlier cofinancing efforts between the two institutions, such as Procurement Framework Agreement of 2018, the FMRF incorporated lessons learned from engagements with civil society organisations, borrower countries and other stakeholders.
The FMRF is expected to serve as a model for deeper collaboration among multilateral development banks, and help address pressing development needs while fostering knowledge sharing and innovation.
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